Homeowners Discouraged from Selling Following Brexit Vote

Friday’s announcement that the UK has voted for a Brexit has discouraged homeowners from selling their properties, according to new research.

The survey from Plentific, conducted online by Opinium, asked 1,063 homeowners across the UK whether they are more or less likely to sell their homes following the EU referendum result.

Over the weekend, around 12% of homeowners said they are less likely to sell their properties in the next three years following the leave vote.

The proportion rises to 18% in London, and to 23% of younger homeowners aged between 18-34.

Plentific, which helps property owners find trusted tradespeople, believes that 1.7m homeowners are now less likely to sell over the next three years.

The co-founder of Plentific, Cem Savas, comments: “Last week’s result sent shockwaves through the UK, Europe and beyond.

“Our research shows a level of uncertainty for homeowners, which will impact buying and selling confidence, but continue to drive the huge demand for home improvements.”

How does the proportion of homeowners discouraged from selling their properties differ around the country?

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Following last week’s decision, the CEO of the HomeOwners Alliance, Paula Higgins, says that “the only certainty is uncertainty” in the short-term.

And while homeowners may be discouraged from selling their homes, one investment firm believes that the London property market will prove resilient to the Brexit.

With properties in the capital now around £40,000 cheaper following the vote, could investors continue to be attracted to the London property market?